Estate Planning Attorneys in Salt Lake City, Utah
Estate Planning is more about planning than about the amount of wealth you have. For example:
- Who will raise your Children
- How you will help children to become independent
- To prevent fighting among your children and heirs
We begin by critically examining and analyzing our client’s situation and goals. We take that information to produce high quality legal documents, which, depending on the client’s goal, may include drafting a basic will, a will with testamentary trusts, a revocable trust, an irrevocable trust, powers of attorney, advanced health directives or living wills, and/or family limited liability companies, partnerships or corporations.
We understand and appreciate that every person’s situation is different. Rarely is there a “one-size-fits-all” approach to estate planning, wealth protection, and tax savings. That’s why each case gets a custom solution. Once we fully understand your goals, then our team goes into action developing the mechanisms that ensure that your goals are met, and your interests are protected. Our estate planning attorneys are experienced in providing you with the information to help you make an informed decision. We look forward to serving you.
What will I learn in my initial estate planning consultation?
Estate Planning not only provides for the management of your affairs after you die, but it also protects you, your loved ones, and your assets during your lifetime. In your initial consultation, we will discuss a number of issues relevant to what is unique about your family and financial circumstances, including the following topics outlined below.
Wills and Revocable Living Trusts
Utilize a Last Will and Testament to transfer assets to beneficiaries, designate a guardian for your minor children, and establish a Trust to care for your family.
Avoid or minimize the probate fees and costs through an expertly drafted Will.
Take advantage of a Revocable Living Trust to avoid the costs, delays, and inefficiencies of probate.
Use a funded Trust as a vehicle to manage your assets during your life if you become incapacitated.
Minimize taxation of your estate upon your death (income tax, capital gains tax, and estate tax).
Asset Protection Planning
Protect your children’s inheritance from their creditors, bankruptcy, lawsuits, divorce, or mismanagement after your death through trusts and carefully selected trustees.
Designate a guardian(s) for your children and explain your expectations and hopes for their upbringing.
Create a plan to provide for your children and protect their inheritance from dissipation should your spouse remarry after your death.
Plan long-term care for loved ones with special needs.
Protect your business for future generations through succession planning.
Understand how the form of ownership of your assets affects your estate plan.
Plan for Retirement Assets and Life Insurance.
Coordinate beneficiary designations for retirement accounts, annuities, and life insurance policies to minimize taxation and avoid creditor’s claims.
Review your life insurance needs to provide for your spouse, young children, debt payments, or charitable giving.
Power of Attorney for Property
Decide whether you should choose your spouse, child, a friend, a professional advisor, or a financial institution to manage your financial affairs during your lifetime if you a no longer able to do so.
Health Care Directives
Utilize a Living Will Declaration to express your intentions regarding your end-of-life health care choices.
Choose the right person to make your health care decisions when you are no longer able to do so.
Avoid Conflicts and Disputes Between your Beneficiaries.
Our expertly drafted estate plans can help avoid disputes after your death through planning and clear directives to your agent, trustee, executor, and guardians.
At HEPWORTH & ASSOCIATES, we will counsel with you craft your estate plan so that it is able to meet the unique needs of your family and financial situation. Once you have your estate plan in order, you can move forward with confidence that your family will be cared for and that your assets are protected. We look forward to meeting you soon.
Protecting Your Assets
In Utah, through the use of estate planning and business entities, a person can protect a bulk of their assets from future creditors. Asset protection techniques do not provide protection from existing creditors and they provide no guarantees. Estate Planning includes the use of wills, trusts, power of attorney, and the like. You can learn more about wills & trusts by clicking here. Below is an overview Utah’s two most common business entities.
Limited Liability Company
A limited liability company protects its managers and members from being held personally liable for actions of the business. LLCs allow for pass-through taxation, meaning that the members of the company to report the taxes on their individual return rather than on a business level.
Corporations also protect their shareholders from being held personally liable for actions of the business. A corporation’s business structure and legal compliance are more in-depth than LLCs and corporations are generally taxed on a business level. However, an S-corporation may elect for pass-through taxation. Through the use of estate planning, business entities, and titling property, a Utah resident may protect their assets and avoid probate.